National Aluminium Co (NACL) reported strong Q2FY25 performance, with alumina and metal volumes increasing 24% and 2% YoY, respectively. The average NSR for alumina rose 43% YoY to USD530/t, while metal prices improved 12% YoY to USD2,692/t, leading to significant EBITDA growth. Despite current pricing strength, a 'Reduce' rating is assigned due to anticipated supply restoration and slow capex progress, with a target price raised to Rs201.